By PBN Staff
PROVIDENCE – Exports from the Ocean State decreased 13.8 percent in September to $177.1 million on a month-to-month, seasonally adjusted basis after rising 20.7 percent in August, according to an international trade statistics report from e-forecasting.com.
Overseas shipments from Rhode Island manufacturers, which accounted for 58 percent of the month’s exports, decreased 12.4 percent from August to $103.2 million, seasonally adjusted.
Exports of non-manufactured goods declined 15.7 percent to $74 million in September, seasonally adjusted, from August. Non-manufactured goods include agricultural goods, mining products and re-exports, which are foreign goods that entered the state as imports and are exported in the same condition.
Year over year, Rhode Island’s exporting companies fell short of their September 2011 performance by $16.1 million, or 8.3 percent, with manufactured goods showing a 3.3 percent decline in September.
In comparison to the same period in 2011, overseas sales from Rhode Island companies increased by an annual rate of 4.5 percent during the first nine months of 2012, earning the Ocean State the ranking of 27 among the 50 U.S. states, which registered an annual rate of increase of 5.5 percent through September.
“What are the prospects for Rhode Island exports over the next few months?” asked e-forecasting.com Chief Economist Evangelos Otto Simos in the report. “According to the latest business survey conducted by the Institute of Supply Management, the nation’s purchasing executives are more pessimistic in October about the prospects of growing export markets than in September. The Tempe, Ariz.-based research institute reported that their export orders indicator showed a decline in incoming orders from abroad in October for a fifth month in a row.”